Payment Processing Software

Get the best payment processing software for your business. Compare product reviews, pricing below. Read our buyer’s guide for more help.

Popular Products

PaymentsGateway is a modular web-based payment processing platform. This product allows you to automate the acceptance of payments and refunds; as well as automating the recurring billing and payment process. This product can…
Platforms
Web
Deployment
Hosted (cloud-based)
CyberPay Online Phoenix is a single database payroll & HR application with integrated time keeping. Your clients can use it anywhere they have an internet connection. No installed software is required; it runs in a browser…
Platforms
Web, Windows
Deployment
Hosted (cloud-based)
B2B Soft’s Bill Payment Center is an internet based solution that allows your customers or employees to make payments to you or vendors. The fact that this system is internet based means that you can make and receive payments…
Platforms
Web
Deployment
Hosted (cloud-based)
GP Check 21 brings the benefits of 21st Century check processing to small and midsize businesses. It scans the checks, captures the images, allow users to apply check payments to Microsoft Dynamics GP Account Receivable, and…
Platforms
Windows, Web
Deployment
Hosted (cloud-based)
EZ-Positive Pay is a software application that will help protect you from fraudulent charges. The system will electronically transmit a list of all issued check to your bank, thereby confirming their validity. Some of the key…
Platforms
Windows
The payments business today is not without its challenges. Financial institutions face a number of significant hurdles including navigating new payment channels including mobile and internet; conducting multi-currency and…
Platforms
Web
Deployment
Hosted (cloud-based)
Overlay checks for Quickbooks and Timberline Office at print time. Supports 8 blank check paper styles; Avoid voided checks and wasted paper; Password and data encryption; Prints deposit slips; and Supports multiple checking…
Platforms
Windows
The Credit Card Feature Pack provides you with an additional database that is used for storing credit card information; this database may also be used to facilitate Electronic Funds Transfers. You are able to edit customer…
Platforms
Windows
HighRadius Electronic Invoice Presentment and Payment (EIPP) Cloud provides tools that automate and speed up invoice communication and facilitate a faster collection of payments, enabling a closer and more convenient…
Platforms
Web
Deployment
Hosted (cloud-based)
Ideal for Telephone and Mail Order. Complete credit card processing from your workstation. Perform Sales, Pre/Post Authorizations (Book & Ship), Void, Returns, Address Verification, Purchase Card Level II, Single or…
Platforms
Mac, Windows
MaestroSync will automate the processing of payments and create an accurate face and seamless interface between AuctionMaestro Pro and MaestroSoft qCheck. MaestroSync will automate the process of entering credit card numbers…
Platforms
Windows
qCheck allows you to enter credit card information and store it. Then you can easily process transactions without a credit card terminal, and record all transactions to Auction Maestro Pro. After your fund raising event you…
Platforms
Windows
Credit Card Advantage is a powerful, flexible, and secure internet-based credit card processing solution that enables you to verify credit card payments over the web in real-time. This solution seamlessly integrates with…
Ormed X Easy pay allows buyers to automatically reconcile and pay electronic invoices via the Internet. Since Ormed X Easy Pay uses Scotiabank’s Visa Commercial Card platform, merchants are paid immediately without impacting…
Platforms
Web, Windows
Deployment
Hosted (cloud-based)
Paymo
(14)
Paymo is an online project management application that offers task management, time tracking and invoicing in one app. Paymo is best suited for agencies and small/medium businesses that want just one app to keep track of the…
Platforms
Web
Deployment
Hosted (cloud-based)
ACH e-Check is a solutions/service that allows you to accept e-checks with your WebXpress Processing Gateway. This product is integrated which means you have one reporting area….
Platforms
Web
Deployment
Hosted (cloud-based)
PayPositive is a software solution for banks and businesses working together to detect check fraud. US businesses lose twelve billion dollars annually to check fraud. PayPositive helps stop check fraud before checks are…
Platforms
Windows
PointPay is a mobile payment solution. Designed for the insurance industry, PointPay allows adjusters and agents to close claims at the point of adjustment. This accelerates claim adjudication, keeping claim costs down and…
Platforms
Windows
Available to handle the special payment needs of large organizations with multiple locations. A Client-Server solution that harnesses the sophisticated security features of Windows NT and Windows 2000 Server. Manages and…
Platforms
Windows
Banks and Credit Unions can increase their revenue, reduce operating costs and enhance customer service with CheckPlus Financial for on-demand check printing and processing. Financial institutions can fulfill customer check…
Platforms
Windows
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Payment Processing Software Buyer’s Guide

Every company is looking to reduce costs. Yours is no different. Electronic bill payment offers a great opportunity to lower costs related to payment processing, while improving your cash management. In this article you’ll find out about which types of software allow for electronic payments, differences between software and bank bill payment, the impact electronic bill payment can have on your bottom line, and more.

This guide will offer information on topics such as:

Automate Accounts Payable

More and more companies are moving away from writing checks to pay their invoices. Why? Companies want a streamlined solution that will allow them to easily send money to vendors and suppliers. The days of writing out a check, stuffing an envelope, popping it in the mail, and waiting for the check to clear are becoming a thing of the past.

The simple fact is snags in the processing of payments are a drag on your company’s financial effectiveness. Delays in the processing of payments create uncertainty in understanding cash flow positions, opportunities for errors or lost checks, and even an increased chance of late fee penalties.

Electronic payment processing software allows you to pay vendors quickly, cut costs and improve your cash management and financial control.

Different Ways to Pay Your Vendors Electronically

There are a few different ways to make payments electronically. Some smaller businesses rely on their financial institutions’ online bill pay system to set up payment transactions. With this method, you can plan one-time or automatic payments. This bill pay system relies on the financial institution to process the payment electronically or to send a check on your behalf. Triggering individual payments through your bank is a step in the right direction. It offers an automation benefit in terms of reducing the time it takes to pay your vendor. It also helps create cost savings related to reducing or eliminating check writing costs.

Arranging bank draws with vendors takes the automation a step further, but surrenders a measure of control. With this approach, you provide your business account number to the vendor. Through an EFT (electronic funds transfer) transaction they draw the specified dollar amount from your account on the agreed upon date. ACH (Automatic Clearing House) is a specific kind of EFT that utilizes the Automatic Clearing House network of financial institutions and EFT standards.

More and more accounting solutions are getting on board with electronic transactions. Software based systems offer the strongest level of control. They also help you streamline your bookkeeping processes and improve your ability to accurately understand your real time financial position. Some of the more sophisticated systems even allow you to scan in an invoice from your vendor, route that invoice to the appropriate manager for approval, and then pay that invoice from your accounting software through the click of a button.

Accounting Software Versus Bank Based Bill Pay

Why should you be looking at software options rather than banking based ones? The reality is that initiating bill payments directly through bank accounts has a couple of major disadvantages.

Bank based bill pay requires additional work to capture bill payment detail in your AP ledger. Duplicating the bill payment process (paying initially via the bank and then recording the transaction in your software) has a number of drawbacks. First, it’s a security and fraud risk. Secondly, it introduces time delays between the time the payment is initiated and when it is recorded in your accounting. Access to real-time data is one of the major advantages of electronic payment processing–so losing this benefit is a problem. Electronic bill payment should be convenient. Having to first initiate the payment within the bank software and then record transaction details into your software is simply a more cumbersome way to approach the process.

So, what are your software options if you are looking for a software based electronic bill pay solution? Typically, electronic payment capabilities are part of your accounts payable module which is part of your accounting system. Moving to electronic payments might even be one of the drivers motivating your desire to switch accounting or ERP systems. In some circumstances, it may make sense to have a specialized AP ledger with electronic bill pay capabilities connected to your ERP or accounting system. Generally, it’s a module or feature you’ll look for as part of an integrated system though.

Save Costs

Why purchase electronic payments software? Well, the major reason for switching is to save costs. Let’s take a closer look at some of the savings opportunities in more detail:

  • Save costs related to material costs including postage, checks, envelopes, and printing
  • Save costs related to paying people for less efficient processes
  • Obtain early payment discounts from vendors
  • Cut costs related to banking charges including (positive pay/payee match)
  • Reduce fraud
  • Avoid making late payments

Cash Management Advantages

Another important reason many companies are using electronic bill payment is to improve their cash management. We’ve mentioned the term cash management already, so what exactly do we mean by it? What we are referring to is simply your company’s ability to ensure maximum financial visibility, allowing for proper planning of cash resources. Simply ensuring your money is in the most advantageous position is a major opportunity for savings.

With electronic bill payment, instead of tying up your funds and guessing what is outstanding and waiting to clear the bank, you can have nearly real time insight into your finances and cash flow. Additionally, planning your payments with precision, means the opportunity to keep funds in interest earning positions.

How Does It Work?

Basically, electronic payments software provides a software-based front-end as either a part of your AP software or an integrated add-on solution.

Here are the steps for utilizing electronic payments in most software systems:

  1. Initialize the system with your financial institution account information.
  2. Add vendor data as required.
  3. Initiate any authorizations for pull-type payments where authorized providers initiate the payment transaction.
  4. Initiate any authorizations for push-type payments where you trigger payments to providers.

Is It for Our Company?

There are electronic payment processing software options for all companies of all sizes. There are even options for companies that are looking to leverage different existing technologies. So, which one is right for you? Let our team gather a bit more information and save you some time by searching for the best electronic payments processing options for your particular business needs. Get started today!